Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track more than 700 prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile gigantic failures like hedge funds’ recent losses in Valeant. Let’s take a closer look at what the funds we track think about Corelogic Inc (NYSE:CLGX) in this article.
Corelogic Inc (NYSE:CLGX) shareholders have witnessed an increase in enthusiasm from smart money lately. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as ENSCO PLC (NYSE:ESV), First Horizon National Corporation (NYSE:FHN), and AngloGold Ashanti Limited (ADR) (NYSE:AU) to gather more data points.
With all of this in mind, let’s take a look at the key action encompassing Corelogic Inc (NYSE:CLGX).
How are hedge funds trading Corelogic Inc (NYSE:CLGX)?
Heading into Q4, a total of 29 of the hedge funds tracked by Insider Monkey were long this stock, a change of 7% from the previous quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).
Of the funds tracked by Insider Monkey, D E Shaw, holds the biggest position in Corelogic Inc (NYSE:CLGX). D E Shaw has a $105.1 million position in the stock, comprising 0.2% of its 13F portfolio. The second largest stake is held by Robert Pohly of Samlyn Capital, with a $89.1 million position; 1.6% of its 13F portfolio is allocated to the company. Other hedge funds and institutional investors with similar optimism encompass Anand Parekh’s Alyeska Investment Group, Cliff Asness’ AQR Capital Management and Seymour Sy Kaufman and Michael Stark’s Crosslink Capital.
Consequently, key money managers have jumped into Corelogic Inc (NYSE:CLGX) headfirst. Portolan Capital Management, managed by George McCabe, created the most outsized position in Corelogic Inc (NYSE:CLGX). Portolan Capital Management had $5.1 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also initiated a $1.5 million position during the quarter. The following funds were also among the new CLGX investors: Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and George Hall’s Clinton Group.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Corelogic Inc (NYSE:CLGX) but similarly valued. These stocks are ENSCO PLC (NYSE:ESV), First Horizon National Corporation (NYSE:FHN), AngloGold Ashanti Limited (ADR) (NYSE:AU), and American Capital Ltd. (NASDAQ:ACAS). This group of stocks’ market values match CLGX’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $513 million. That figure was $375 million in CLGX’s case. American Capital Ltd. (NASDAQ:ACAS) is the most popular stock in this table. On the other hand AngloGold Ashanti Limited (ADR) (NYSE:AU) is the least popular one with only 15 bullish hedge fund positions. Corelogic Inc (NYSE:CLGX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ACAS might be a better candidate to consider a long position.